JinkoSolar Q1 2023 Results: Strong Module Shipments and Revenue Growth

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JinkoSolar reported a 60% year-over-year increase in quarterly module shipments in the first quarter, with shipments to the Chinese market increasing by more than 2 times year-over-year.


According to the company’s latest update, the decline in polysilicon prices has stimulated the demand for modules, resulting in a 60% year-over-year increase in quarterly module shipments. The Chinese market, in particular, saw more than two times the year-over-year increase in module shipments.

Jinko Solar’s order book visibility for 2023 exceeded 60%, with overseas orders being the major contributor. In addition, the company reported that N-type module shipments in the first quarter were approximately 6GW, and N-type modules retained a competitive premium over P-type modules.


The mass production efficiency of N-type TOPCon cells reached 25.3%, a significant milestone for the company. Jinko Solar’s majority-owned principal operating subsidiary, Jiangxi Jinko, issued convertible bonds in the principal amount of RMB10 billion to support capacity expansion for advanced N-type.


Jinko Solar’s strong performance in the first quarter of 2023 is a testament to the company’s commitment to innovation and sustainability. As the demand for renewable energy continues to grow, Jinko Solar is well-positioned to meet the needs of customers worldwide.

JinkoSolar Holding Co., Ltd. has announced its operational and financial highlights for the first quarter of 2023. The company reported a quarterly shipment of 14,490 MW, which is down 12.8% sequentially but up 72.7% year-over-year. The total revenues were RMB23.33 billion (US$3.40 billion), down 22.2% sequentially but up 58.0% year-over-year.

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Despite the decline in sequential shipments and revenues, JinkoSolar’s gross profit was RMB4.04 billion (US$588.4 million), which is down only 4.0% sequentially but up 81.5% year-over-year. The gross margin also increased to 17.3% from 14.0% in Q4 2022 and 15.1% in Q1 2022.

The net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders for Q1 2023 was RMB788.7 million (US$114.8 million), compared with RMB665.0 million in Q4 2022 and RMB28.9 million in Q1 2022. Furthermore, the adjusted net income attributable to JinkoSolar’s ordinary shareholders, which excludes the impact from a change in fair value of the convertible senior notes, a change in fair value of long-term investment, and the share-based compensation expenses, was RMB836.4 million (US$121.8 million). This is a significant improvement from the previous quarter’s RMB267.8 million and Q1 2022’s RMB328.4 million.

JinkoSolar’s basic and diluted earnings per ordinary share were RMB3.91 (US$0.57) and RMB3.74 (US$0.54), respectively. This translates into basic and diluted earnings per ADS of RMB15.62 (US$2.28) and RMB14.95 (US$2.18), respectively. Overall, JinkoSolar’s financials remain strong despite the decline in sequential shipments and revenues.

The company’s gross margin reached 17.3%, up from 15.1% in the same period in 2022, thanks to the effective management of supply chain costs and increased shipment of N-type products, which boast high efficiency and a strong global marketing network. However, demurrage costs in the US market put pressure on the company’s profitability, prompting proactive measures to improve customs clearance and shipment efficiency.

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The global demand for photovoltaic (PV) continued to grow in the first quarter, with new installations of PV in China reaching 33.7 GWac, an increase of 154.8% year-over-year, and total overseas shipments of modules and cells reaching US$13.1 billion, up 15.3% year-over-year. JinkoSolar is optimistic about global market demand and opportunities for new technology in 2023, and plans to invest in research and development and advanced N-type capacity to enhance its competitiveness.

The company’s second phase of 11 GW TOPCon cell capacity in Jianshan has reached full production, with an average mass-produced efficiency of 182 mm N-type TOPCon cells reaching 25.3%. JinkoSolar is also improving its N-type ecological chain, enhancing its competitive advantages in wafer-cell-module supply chain management, core technologies, and process improvement.

JinkoSolar’s accumulated N-type module shipments have exceeded 16 GW, supporting hundreds of projects globally in the past year. In January 2023, the company launched the Second-Generation Tiger Neo panel family, which offers an efficiency of up to 23.23% for 72-cell modules. By the end of 2023, JinkoSolar expects its mass-produced N-type cell efficiency to reach 25.8%, further improving the performance of its N-type modules.

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JinkoSolar is confident in its ability to increase its competitiveness and profitability in the global market, with its improved global industrial chain and cutting-edge N-type technology and products. The company expects its N-type cell capacity to account for over 70% of its solar cell capacity by the end of 2023, with N-type modules accounting for about 60% of total module shipments. JinkoSolar expects its module shipments to be in the range of 16.0 GW to 18.0 GW for the second quarter of 2023.

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